Money Personal Finance

How to kick-start your Christmas savings – 3 Simple tips for you

christmas savings

It’s November already. Christmas is just one month away. It’s more than a month actually. But the preparations will start from now on. There are so many things that you have to buy – gifts, decorative items, lights, cookies, and different kinds of food items, etc. Christmas is a great time to have fun with kids, friends, and family members. It’s time for vacations, delicious dinners, and merry-making. It’s also time for expenses. And, you have to be prepared for them. 

If you wish to be financially prepared for Christmas and avoid any kind of debt problems, then this post is for you. I will share a few tips to kick-start your Christmas savings today. Hopefully, you would be able to save enough money for making this Christmas a memorable one without getting into debt. So here we go. 

1. Create a budget for Christmas gifts: Decide how much you can spend for Christmas gifts without depending on credit cards. If you can spend only $200 for Christmas, then so be it. Next, make a list of friends whom you want to give gifts. If there are 10 people on your list, then spend $20 per head. That’s it. When you go for Christmas shopping, make sure you spend only $20 per head. Stick to your budget by all means. Check out the 5 tips you can use to shop just one week before Christmas

2. Decide when you want to travel: Do you want to go for a vacation during Christmas? If so, start digging facts on the best travel dates to fly. Compare gas price, hotel price, and flight price at once. It will help you to get an idea of how you should reach the destination and when. It can also help you to select the right tourist destination. For instance, you can calculate how much you have to spend if you go to Miami and how much you have to pay out for a short vacation in Grand Canyon. Accordingly, you can decide on the destination. 

In this case, you need to create a budget. If your budget is $1200, then choose a spot where you can have a vacation within that amount. Reduce your expenses this month so that you can save a good amount for your vacation. When you have saved a good amount for vacation, you can visit a good tourist destination, and that too in the peak season. 

3. Smartly manage your expenses: Remember, you have only one month in hand. You don’t have much time to save. Whatever you need to do, you have to do it within the next 7 weeks. So buckle up your belts, and reduce your expenses drastically. You have to save every bit so that you can enjoy during the festive season. 

Go for a spending diet for the next 2 weeks so that you can accelerate your savings. Reduce all your unnecessary expenses so that you can set aside a good amount for Christmas celebrations. 

For instance, if you want to spend $650 on Christmas celebrations, then your goal should be to save the amount in this month only. Do you realize what this means? You have to spend only the bare minimum amount for your daily necessities in this month. 

What else you can do 

If you can’t save $650 this month, then you have only option left. Save at least $500 this month and pay the rest with credit cards in the next month. But make sure you pay $150 in January 2020. If you can’t pay it off in January 2020, then reduce your budget for Christmas celebrations by $150. Have home-cooked meals and give DIY gifts to your loved ones for enjoying a budget-friendly Christmas.